Warka Bank: Years and Depositors’ Money Lost

Iraqi Banking News –

If we are to escape from the fear of the reality in which we live our money and the amount of money that may be all we have what we have, but the direction to the nearest bank in the capital, or the city that we live where to put it and bank deposits are in the custody bank so be assured funds from theft and fraud, but The issue in the Warka Bank are radically different, as is the story of another.

Deposits placed in the Warka Bank can not go back to the citizens and in any form, especially that most of those who reposed are simple as distant cry from the politics and crises of those who have spent years of their lives in misery and businesses that hold them above their energies usual, claims PAUSE real by The current government.

“Tomorrow’s Press,” I talked with a number of citizens who have deposited large sums of money in the bank and listened to their suffering and their views about the subject.

Nstgit For Our Rights

Says Sabah Anwar, a media that he “can not stay in this situation, which is not likely Vomwali that deposited in the bank four years ago, enough for me and my family for a period of time, I want to recover, and in any way and not my fault that the administration was the bank correct or wrong, the fact that the matter pertaining to my receivables ago then.

He adds Anwar for “tomorrow’s Press,” “We are trying and we use and Nstgit to take our rights from the bank to no avail, not a solution, not to manage the bank, not from the central bank, not from the government, and after the decision of the custody of the bank We are encouraged, but things remain as is, and when you change the management of the Central Bank of thanking God that it will come a new administration and solve the problem, but surprised that the central bank will make a decision to liquidate the bank, and that the subject of liquidation means go and the loss of the sums and our money.

Strange Decisions From The Bank

Explains Khader Alaa, a government employee, said: “It can not be tolerated over this period I and all suffer from the same crisis we review from time to time and inform that the amounts would return soon, but the great disaster that the major contributor in this bank agreed with the governor of the central bank and agency to deposit significant amounts during a period of six to nine months, but the sad thing is that the central bank refused and insisted on a strange decision to pay the amount of two hundred billion Iraqi dinars, and during the period up to the end of last year.

He continues Alaa for “tomorrow’s Press,” that “the bank was not prepared to pay this huge amount of money, especially as he is in a state of abnormal recession, making it the liquidation decision enters into force, and this resolution is wasted all the rights of depositors in the bank.”

Effort Is The Result Of Lean Years

While sees Firas Mohammed, an employee in the company civil, said, “This money is the result of tired of our fathers and our people for many years can not go and get lost because of the policies and mistakes of the Warka Bank and the decisions of the central bank, which is a disaster for us and for our families and our children so it should be.

He demanded to take “rational decision by higher authorities in the state to take the necessary and return the money.

The Case Will Destroy Hundreds Of Families

For its part, called the roar of al-Azzawi, a teacher, “the central bank and the Iraqi government to redress the bank and stand next to him for the fact that the world its crises of economic, commercial, and on an annual basis, especially as more banks nations known global stumble and Taatlki all their work so requires the state to be a true shepherd to maintain the people’s money But in my country, it is completely different.

She said al-Azzawi in her speech for “tomorrow’s Press,” “according to a scientific and permanent follow-up to the work of this bank, there are thousands of people in southern and northern Iraq have the amounts deposited in the bank.

In the view of al-Azzawi said, “These thousands of people their rights will be lost because of a failed bank management and the decisions of the Central Bank, which will demolish and the disintegration of thousands of Iraqi families.

Weak Oversight And Performance In The Major Cause Of The Crisis

In this regard, illustrates the economic expert on behalf of Jamil Antoine, said he “can not remain state is unable to make decisions that will be the solution, and the solution lies in the lending bank amounts and funds sufficient to repay all deposits exist, but this process has not been not given a loan it which caused the collapse of the entire great reputation and well-known banking institution in the country.

He adds Antoine for “tomorrow’s Press,” that “the bank is unable to repay Altazamth and money owed to the fact that all property in his possession is mortgaged, the central bank has guardianship of the bank for a period of 18 months, but it ended without any results, only an increase in the crisis, so it is supposed to Bank Central to its responsibility which can not be completed to this point, a decision that is not enough.

Confirms Antoine “The biggest part of the crisis lies with the state, which did not do its regulatory and financial from the outset to avoid getting hold such a crisis caused a great loss to all depositors in this bank, the central bank will not stay in the position of a spectator who demonstrates the weakness address the economic situation and the professional and scientific in Crisis.

Central Bank .. Warka Bank Need To Organize Simple Administrative

For his part, the deputy governor of the Central Bank of the previous appearance of Mohammed Saleh, “The bank’s move to lift the guardianship for Warka Bank, after a period of almost two years good financial sense, because it will give a good indication of the guarantees of the banking and financial dealings in Iraq,” expressing his surprise at the “delay in lifting the trusteeship Despite offering a number of international organizations, financial reporting orally to the return of the Warka Bank to work.

Saleh added in a statement seen by “tomorrow’s Press,” that “Warka Bank need to organize administrative simple to return to the financial arena, also requires that there be active assistance by the government represented by the Ministry of Finance through the development of a deposit long-lasting in the bank even help him work Financial spite of the high volume of financial assets relative to debt.

Saleh continued that “it is the duty of government is to keep the financial situation of the country, because the Warka Bank does not carry only money the owners have, but there are large sums of money to citizens who are part of the financial system of the country and assist the Ministry of Finance of the Warka Bank due now, adding that” with the lifting of guardianship for Warka Bank, there are only a single bank (via Iraq), and can not call it the recommended naming it, because the theme is nearing its decisiveness by the central bank and the borrowers.

Raise The Guardianship Will Enhance The Role Of The Bank

For his part, welcomed a member of the Board of Directors in Warka Bank Issam al-Asadi central bank’s decision, describing it as “an equitable decision because it will strengthen the role of the bank in the financial system.

Asadi said in a statement seen by “tomorrow Press”, “The Warka Bank currently has the ability to overcome the crisis, because financial assets within the bank amounting to almost 500 billion Iraqi dinars, which is greater than the liabilities that do not exceed the 380 billion Iraqi dinars.

The Central Bank of Iraq has decided in March of 2012, the imposition of trusteeship Warka Bank obstructed because of the financial performance for more than two years, while the bank has to submit reports to prove his return for the resumption of banking activity in order to raise guardianship.

The Warka Investment Bank was established in 1999 and has the highest levels of technology and was the first Iraqi private banks that rely electronic accounting and the number of branches 130 branches in addition to operating branches outside Iraq.